Shiba Inu, the dog-themed altcoin introduced in August 2020 by its pseudonymous creator Ryoshi, outshone Bitcoin and Ethereum in open futures ranking as it surpassed Bitcoin Cash (BCH) in market capitalization.
The recent upswing of Bitcoin, the world’s largest crypto asset by market capitalization, triggered a surge of trading activities in cryptocurrency, signaling an increased risk appetite of investors in the crypto market.
While other crypto assets wallowed in the green zone, increasing their value, SHIB, the native cryptocurrency of the Shiba Ecosystem saw the highest percentage growth in terms of futures open interest since the start of the month.
Shiba Inu’s open interest surged by 23% to $61.74 million, beating all other crypto assets, including major cryptos like Bitcoin and Ether in this particular realm.
But what does it mean?
The surge in open interest signifies that new capital has entered the crypto market, with a clear preference for dog-themed altcoin derivatives, SHIB and Dogecoin (DOGE), underlining traders’ higher risk appetite.
Historical data shows that this kind of movement in the market is usually followed by variations in the pricing patterns of Bitcoin.
Aside from Shiba Inu, the open interest of Dogecoin, the world’s first-ever meme coin also saw a 14.6% increase at $328 million.
Other altcoins such as Polygon, Ether, Ethereum Classic and Litecoin also recorded a surge in open interest by 6% to 7%, while Bitcoin’s open interest failed to see any significant changes.
SHIB also achieved new milestones as it surpassed Bitcoin Cash (BCH) in market capitalization and got in the top 18 list of large crypto assets, recording nearly 5 billion in value.
While slowing clawing back its lost value over the past months, SHIB experienced a price rally on Tuesday, seeing a 5% price gain over the past 24 hours and around 12% over the past couple of weeks, outperforming Bitcoin and Ether, considered as two largest crypto assets by market cap.
The recent upsurge in the price of Shiba Inu came following a series of initiatives officially launched by the Shiba Inu development team.
Last week, Shytposhi Kusama, the pseudonymous lead developer of Shiba Ecosystem announced the Shiba Name Service (SNS) and this week, the weekly magazine called “The Shib.”
As of 12:51 a.m. ET on Wednesday, SHIB was trading up at $0.000008271 with a 24-hour trading volume down by 35.21% at $139.25 million, representing a 2.66% increase in the last 24 hours and a 6.7% gain over the past seven days.
Based on the latest data from CoinMarketCap, SHIB’s total circulating supply stands at 589.89 trillion SHIB, with its value up by 2.66% at a $4.87 billion market cap.
